Research
Trade Setup 22 Jan 2024
Delta Exchange
January 22, 2024
Sideways View on BTCUSDT Welcome to Daily Trade Setups. Trade:
- Sell 43000 Call option of 24 January expiry @ $90
- Sell 39000 Put option of 24 January expiry @ $90
Stop Loss: Premium = $180 in each leg Target: Premium = $0 in both legs Payoff chart at Expiry:
- Max Profit: $180/BTC
Rationale: After a remarkable uptrend in BTC, we witnessed a pullback from the 45000 levels, resulting in a decline in BTC’s value to 41000. We have a support areas / demand zone at 40000 levels on 4 HR time frame. Consequently, the price is now caught between newly established support and resistance areas in the recent price movements, rendering BTC sideways in the short term.
Disclaimer: This report must not be used as a singular basis of any trading decision. Please refer to https://www.delta.exchange/research-disclaimer for analyst disclaimer and other disclosures.